Chemicals known as agrochemicals are used in agriculture to increase crop yield and shield plants from weeds, pests, and illnesses. Herbicides, insecticides, and fertilizers are all included in this broad group. Fertilizers give plants the vital nutrients they need to develop and produce more. Insecticides and fungicides are examples of pesticides that protect crops by eradicating and controlling dangerous pests and illnesses. Herbicides kill undesired plants so they don't compete with crops that have been cultivated. Agrochemical use poses health and environmental risks even if it has greatly enhanced agricultural productivity and food production.
South Korea Agrochemicals Market Driving Factors and Challenges
Driving Factors- Technological advancements in agriculture have changed farming methods. The increasing export and import of agricultural commodities has led to the emergence of new forms of harmful organisms, which has raised the demand for innovative active component solutions meant to protect crops. Globalization of the agrochemical sector has had a significant impact. A wide range of agrochemicals, including pesticides and herbicides, are in greater demand due to rising population numbers, increased food demands, and an increasing economy. The demand for food products is rising, but as a result of urbanization, there is less land available for agriculture. As a result, farmers must use a variety of agricultural chemicals to preserve soil health and increase productivity.
Challenges- Growing awareness of health, food safety, environmental protection, and animal welfare laws has led to a rise in the organic fertilizer industry. The organic food industry has also experienced significant expansion in emerging countries. The popularity of organic food is rising. Growing per capita income and the surge in demand for safe and healthful food products are predicted to drive growth in the organic food industry and increase the usage of biofertilizers, which will change the makeup of chemical fertilizers. Consequently, the growing market for organic fertilizers is impeding the expansion of agrochemicals globally.
Impact of COVID-19 on South Korea Agrochemicals Market
There were two main ways that COVID-19 affected the South Korean agrochemical business. First, supply chain problems were brought on by lockdowns in China, a significant supplier of materials for agrochemicals. Second, agricultural productivity was challenged by labor shortages brought on by travel restrictions, which would have an effect on the market for crop protection products. The pandemic's consequences are still being felt on international supply chains, despite the market's partial recovery.
South Korea Agrochemicals Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Daewon GSI, Dongbu Farm Hannong, Farm Hannong, Hankook Shell Chemicals, Kyung Nong Corporation, LG Chem, Namhae Chemical, Korea Agro-Fisheries & Food Trade Corporation (aT), NongHyup Chemical, Samyang Chemical, Others.
South Korea Agrochemicals Market Segmentation:
By Fertilizer Type: Based on the Fertilizer Type, South Korea Agrochemicals Market is segmented as; Nitrogen Fertilizer, Phosphatic Fertilizer, Potassic Fertilizer, Others.
By Pesticide Type: Based on the Pesticide Type, South Korea Agrochemicals Market is segmented as; Fungicides, Herbicides, Insecticides, Others.
By Crop Type: Based on the Crop Type, South Korea Agrochemicals Market is segmented as; Cereals and Grains, Oilseeds and Pulses, Fruits and Vegetable.
By Region: This research also includes data for Northern Region, Southern Region, Western Region, Eastern Region, Central Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.